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JTC Post Test Part 3
Test Description: Q - 32 - 51
Instructions: Answer all questions to get your test result.
1) When referring to student loans, what is a grace period?
A
The time period that your library late fees affect your credit score.
B
The time period after graduating high school and before starting college
C
The time period after graduating or leaving school before you must begin paying back student loans
2) What's the difference between renting and leasing?
A
Renting gives you total control over the property rented; leasing does not
B
Nothing; they mean basically the same thing
C
Renting is paying a fee to the owner of a property; leasing is paying a fee to the holder of a laon
3) If you plan on moving after a year, your best option would probably be to ...
A
Lease a car
B
Rent a home
C
Buy a home
4) What is a down payment?
A
A payment that gains value over time as the stock market rises
B
A payment that goes down, down, down
C
A sum of money you pay on a mortgage (or other loan) up front
5) What is a mortgage?
A
A type of financial statistic
B
A type of rent used to pay for housing
C
A type of loan used to buy property
6) The Rule of 72 is....
A
The Ruling Committee of 72 banks
B
The method banks use to determine interest rates
C
A method of figuring out how long it will take you to double your money
7) What type of bank account offers the easiest access to your money?
A
exchanged trades fund
B
mutual fund
C
checking
8) How long will it take you to double $2,000 at 6% interest rate, compounded annually?
A
2 years
B
26 years
C
12 years
9) True or False - The amount of income you make affects the amount of federal taxes you will owe.
A
FALSE
B
TRUE
10) True or False - Some American citizens never pay any form of taxes.
A
TRUE
B
FALSE
11) Dealers set mileage limits on leased vehicles.
A
TRUE
B
FALSE
12) True of False - All homeowner's insurance policies have the same coverage.
A
FALSE
B
TRUE
13) True or False - You do not pay for insurance on a leased car.
A
FALSE
B
TRUE
14) True or False - If an item appreciates, it decreases in price ( loses value)
A
FALSE
B
TRUE
15) True of False - One late payment can lower your credit score.
A
TRUE
B
FALSE
16) True of False - Lets say your roommate forgot to pay a cable bill. It was entirely his fault, but your name was on the bill. This will not lower your credit score.
A
TRUE
B
FALSE
17) True or False - There is such a thing as good debt.
A
TRUE
B
FALSE
18) True of False - Renting and buying mean the same thing.
A
FALSE
B
TRUE
19) True or False - Debit cards are connected to funds in your bank account.
A
TRUE
B
FALSE
20) True of False - A plan of how you will spend the money you make or receive is called a budget.
A
TRUE
B
FALSE
*select an answer for all questions
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